Biz Buzz: Roadshows and junkets

WITH LESS than four months left in their terms of office, some members of the Aquino administration may have already stopped pedaling and are now just coasting along and counting the days until June 30, 2016.

But not the President’s economic team. Some members of the Cabinet, led by Finance Secretary Cesar Purisima, flew to New York last week to spearhead the Philippine Business and Investment Forum at a swanky hotel near the city’s iconic Times Square.

Leading the private sector cast was billionaire ports and casino magnate Enrique Razon Jr., along with Century Properties chair and CEO Jose Antonio. Also part of the delegation were RCBC president Lorenzo Tan and BDO Capital president Ed Francisco as well as Arthur Tan, who heads the Ayala-owned Integrated Microelectronics Inc., and Management Association of the Philippines president Perry Pe.

We’re told that activities on the US side were quarterbacked by Philippine Ambassador to the US Jose Cuisia Jr. along with key pro-Philippines lobbyists in the US-Philippines Society’s top brass, Ambassadors John Negroponte and John Maisto.

And even though he left government service last December, former Trade Secretary Gregory Domingo also joined the roadshow to make a pitch for the Philippines. Plus there was the logical inclusion of Tourism Secretary Ramon Jimenez, who made the now familiar “It’s more fund in the Philippines” pitch.

A notable absence, though, was Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr., who withdrew at the last minute and sent Deputy Governor Nestor Espenilla Jr. instead. We’re told the governor’s decision to stay home was to keep a close eye on local developments given the brewing $100-million money laundering issue.

But that’s not the only US activity for the country’s economic managers in the closing weeks of the Aquino administration. Another economic managers’ delegation led by National Treasurer Roberto Tan is also holding a “no-deal roadshow” (meaning they’re not there to sell a specific investment instrument, but merely to promote the country in general) in New York, Boston and Los Angeles.

These events are targeted specifically toward the country’s creditors holding Philippine bonds or those who may consider buying Philippine-issued dollar bonds in the future.

Biz Buzz learned that these events are being underwritten by Citibank and HSBC, both of which have had very profitable relationships with the government in the last six years.

The goal of all these events was to attract more foreign investments to the country. Of course, given that neither the Philippine investment forum nor the fixed income roadshows were meant to sell specific investment securities, one would be forgiven for thinking that these government officials just went on one final junket before stepping down from office.

But considering the good performance of the Philippine economy these last six years, perhaps no one wouldn’t mind if everyone involved would extend their trips to enjoy the US spring for a few more days. Daxim L. Lucas

Offshore State U?

THE PREMIER state university is on a major expansion program. After UP Bonifacio Global City (BGC)—the 17th campus in the UP system—the State U will soon have its 18th UP campus at Panabo City in Davao del Norte while the 19th campus will rise in Clark Green City.

“We’re bringing the courses needed by critical sectors to our economy to where the professionals are. So agriculture, you bring to Mindanao because Mindanao is our biggest producer of agriculture products,” UP president Alfredo Pascual said in a recent chat. “For technology (programs), we’re looking at Clark Green City.”

The Bases Conversion and Development Authority (BCDA), which also donated the prime lot for the brand-new UP BGC campus building built by tycoon Henry Sy Sr. (BCDA and SM are legal nemeses in two disputed areas elsewhere in the former Fort Bonifacio military camp), earlier agreed to donate another 70 hectares of land to UP for the future Clark campus. UP Panabo, which will offer graduate-level agricultural courses, is supported by the Floirendo family’s Anflocor group.

For a country with a tenth of its population living abroad, could setting up a satellite campus overseas be possible in the future? The UP president said that if it were up to him, he wanted to set up the first offshore UP campus in Dubai, which hosts many Filipino workers and their families. While there’s no explicit prohibition against the setting up of an offshore campus in the UP charter, Pascual said there might be legal constraints to UP’s prospective offshore expansion.

But what could be closer to the horizon is UP offering educational programs for overseas Filipino workers (OFWs) in Taiwan. Pascual said he recently visited Taiwan, which hosts more than 100,000 OFWs. “We want to tailor-design programs for people there and offer programs via Internet, to be offered by UP Open University.” Doris Dumlao-Abadilla

Grab, Uber soon in Naia?

THE LONGTIME ban on online ridesharing platforms at Manila’s Ninoy Aquino International Airport is soon ending.

Apparently, Singapore’s Grab has come to an agreement with airport authorities that will allow people to book a driver from Naia. A final schedule is still being worked out for the actual event to launch Grab’s terminals.

We’ve heard there are also discussions with Grab’s rival Uber toward this end.

That’s a welcome development for passengers at Naia, including those who would rather not drive or subject their personal drivers to Manila’s unfortunate traffic situation.

Moreover, it gives passengers another option from those airport taxis charging exorbitant rates. Good news all around, in other words. Miguel R. Camus

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